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Vallourec Increases Shareholding in PT Citra Tubindo Tbk
07/06/2009 - Vallourec increases its strategic shareholding in PT Citra Tubindo Tbk, a leading provider of premium OCTG connections in Indonesia.
Vallourec has increased its strategic shareholding in PT Citra Tubindo Tbk (PTCT), a leading provider of premium OCTG connections in Indonesia, and now holds the majority with 78.2% of the capital.
Established by in 1983 by Kris Wiluan, PTCT has been a VAM® licensee since 1985 and an associate of Vallourec since its public listing in 1989. Vallourec noted that it the successful and historical partnership between the two organizations, which spans more than 25 years, would continue, with the local management of the company remaining unchanged.
“We are delighted with this strategic move, which allows Vallourec to strengthen its presence in Indonesia and the Asia-Pacific region, where oil and gas exploration and production is expanding, under technical conditions requiring increasingly premium products and solutions,” stated Philippe Crouzet, Chairman of Vallourec’s Management Board.
PTCT operates manufacturing facilities in Batam, Indonesia, to provide heat treatment and threading of oil country tubular goods (OCTG) together with oil-field accessories, serving the Oil & Gas industry throughout the Asia-Pacific region. A leader in the Indonesian OCTG market, PTCT also owns the patents and technology for “NS” premium connections. The company employs around 1000 people and generated revenues of approximately USD 300 million in 2008, with annual processing capacity of around 130,000 tonnes. Key customers include Total, BP, Exxon Mobil, VICO and Pertamina.
Vallourec reached its increased shareholding in PTCT progressively during 2008 and 2009 through the acquisition of successive blocks of shares and a tender offer, as disclosed to the Indonesian Financial Institution Supervisory Agency (Bapepam-LK).
Vallourec is a world leader in the production of seamless steel tubes designed primarily for the Oil & Gas and Power generation sectors, as well as for other industrial applications.
